52 Week Money Challenge: Tips for Making it Work
I often skip over many of the ‘other’ posts I see on Facebook, since it can be time consuming to read through each one.
Recently, though, this post caught my eye:
52 Week Money Challenge
The idea: Save $1,378.00 in 52 weeks.
How it works:
You save the equivalent in dollars of the week that it is. Yes, I know my explanation sounds confusing, so here’s how you do it:
Week one, you save one dollar; week two, two dollars, week three, three dollars, and so forth, until you reach week 52.
At that point you put $52 in savings for the 52nd week and you have a total of $1,378.00!
I found this really interesting because, for the most part, these aren’t huge lumps of money, especially in the beginning. The program, broken into weeks, seems doable to me. While the later weeks see you saving higher amounts of money, it also has you closer to reaching your goal.
I also like that the plan is laid out and tells you specifically what you have to do each week, and that the amounts get higher as you go. This gets you used to putting money in savings each week, so that when the amounts do get a bit higher you are already adjusted to taking money out of your check to put into savings. The only issue I see, which I know would be a problem for me: Forgetting about the plan halfway through, thinking I’ll make the deposit and not doing so, etc.
This challenge could be used to save for a variety of things, such as:
- School items for the new school year (clothes, books, backpacks, papers, pencils, and then extra money to keep throughout the year for new shoes, new clothes, etc as the seasons change)
- Activities the kids do, like dance and soccer
- Assistance with medical bills
- A family vacation
Here are a few tips to make this work!
- Talk about the plan with your spouse/significant other. Make sure they are on board.
- Figure out where you are going to put this money. In the bank? This may be the best place, so it doesn’t get touched. (I will admit to dipping into the kids’ banks at times when I’m low on cash, and while I always try to remember to pay them back I’m sure this hasn’t always happened!) The problem: Getting there each week to make the deposit.
- Get everyone involved. Each week when you make the deposit, have the kids total up the amount you have saved. If you are counting down to, say, a family vacation or something else the kids might be interested in, keep a chart to see where you are in your savings.
- Get your kids involved with their own money. To teach kids about savings, how about making their own challenge? Obviously their challenge would be to save much less. But what if they begin by putting a penny, a nickel, a dime, a quarter, fifty cents, and so forth into their own banks and tracking what they save? This is a great way to teach kids to save, especially if you are also doing this as a family.
I’m interested to know if you have taken the 52 Week Challenge found on Facebook, or if you have done some other type of money savings challenge in the past? Did it work? Did you keep up with it throughout the number of weeks?
Chart image via Facebook/52 Week Money Challenge
What do you think? 52 Week Money Challenge: Tips for Making it Work